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Magic 5 - five pips only

  • #141
  • Dec 3, 2014 6:24pm Dec 3, 2014 6:24pm
Quoting firewight
{quote} Great work mate! Yes I believe the entry should have been the previous candle, which was the first candle to open above the 5EMA, but you did well!
Yes Haircut the 1st blue candle closed above the EMA so that is your confirmation signal after RSI turned up from the 30 line. Seeing as the following candle immediately opens above the EMA, you should enter long right then and there using the bottom of the latest red candle as your stop.
Winners add to winning trades!
  • #142
  • Dec 3, 2014 6:37pm Dec 3, 2014 6:37pm
Quoting BrassDrummer
{quote} I am using stops and loss management as well. I don't plan to lose more than 5% a day until I build the account to a reasonable level. Then I will adjust lower and start shooting for only 2-3% profits for the day, with 1-2% losses. Once I get there, I"ll hit either the 2-3% and stop, or the 1-2% Loss and stop. My goal is to eventually get to where I need to make one or two trades a day, and be done. My original plan was to make a strict 10% a day, again, just to grow the account to a more reasonable level) And double my money every 10 days....
I am currently using 40:1 on a 50:1 account with my derivative of this method, if you have a good hit rate (10:1 or better) run with whatever leverage your comfortable with, its your coin(positive comment) as long as you cut bad trades and don't let them run on. It seems soooo many are stuck on this 1%-2% MM thing,, its hogwash for me but keep at it you can trade for years to reach your goals, its fine if it works for you. But if you don't run with the herd jack it up 5-10% per trade risk Huge rewards but you had Better be correct or you wont be around long to boast about it.
  • #143
  • Dec 3, 2014 6:54pm Dec 3, 2014 6:54pm
Another 5p today so now 4 from 5. Although I did enter a little late instead of immediately at opening of that 4th red candle and missed the best of a 50p move. Still I got my 5p in less than 10 minutes which is great!
Attached Image (click to enlarge)
Click to Enlarge Name: GA20141204m15.jpg Size: 108 KB
Winners add to winning trades!
  • #144
  • Dec 3, 2014 8:31pm Dec 3, 2014 8:31pm
Another 2 wins! Like shooting fish in a barrel!
Attached Image (click to enlarge)
Click to Enlarge Name: AU20141204m15.jpg Size: 116 KB
Winners add to winning trades!
  • #145
  • Dec 3, 2014 10:26pm Dec 3, 2014 10:26pm
Quoting tk5
{quote} you should have entered from second red candle though.
Thanks for the advice and sharing this brilliant system.
  • #146
  • Dec 3, 2014 10:32pm Dec 3, 2014 10:32pm
Quoting marshalmax
Another 5p today so now 4 from 5. Although I did enter a little late instead of immediately at opening of that 4th red candle and missed the best of a 50p move. Still I got my 5p in less than 10 minutes which is great! {image}
You have entered a short trade where the price is above the ema200 which would be incorrect but good luck anyway. Post 144 is spot on. Cheers!
  • #147
  • Dec 3, 2014 11:18pm Dec 3, 2014 11:18pm
Quoting Dave_C
{quote} You have entered a short trade where the price is above the ema200 which would be incorrect but good luck anyway. Post 144 is spot on. Cheers!
Yes I did because earlier tk5 did the same on occasion and yes it is more riskier to do so.
Winners add to winning trades!
  • #148
  • Dec 3, 2014 11:53pm Dec 3, 2014 11:53pm
Quoting marshalmax
{quote} Is that truly a good sell signal? RSI did not come down from the 70 line!
doesnt matter here, its on downwards direction & under 200.
always draw trendlines
  • #149
  • Dec 4, 2014 12:44am Dec 4, 2014 12:44am
I am enclosing an updated trading EA with a number of adjustments.

Trades will be rejected

1. If RSI does not indicate appropriate movement with last 10 bars.
2. Average trading range is too small
3. Wrong side of moving averages.

if the pre set Stop Loss is left at 0 then Stop Loss is calculated as the end of the range of the candle on the opposite side of the short EMA

If the difference between the current price and the Stop Loss is less than 5 pips then the trade is also rejected.
Be aware of large stop losses that are set by the candle difference and consequently your maximum risk percentage.

Stop Losses are trailing but with a very small take profit the trail is not really a factor but has been retained for use with optimized settings.

Extra comments have been added to the code to make it easier to understand. All the settings can be optimised.

Take care and read very carefully the caveats at the beginning of the thread and I welcome constructive criticism.

Thanks to TK5 for a great idea!
Attached File(s)
File Type: mq4 5 Pips System.mq4   8 KB | 409 downloads
  • #150
  • Dec 4, 2014 1:06am Dec 4, 2014 1:06am
Quoting Dave_C
I am enclosing an updated trading EA with a number of adjustments. Trades will be rejected 1. If RSI does not indicate appropriate movement with last 10 bars. 2. Average trading range is too small 3. Wrong side of moving averages. if the pre set Stop Loss is left at 0 then Stop Loss is calculated as the end of the range of the candle on the opposite side of the short EMA If the difference between the current price and the Stop Loss is less than 5 pips then the trade is also rejected. Be aware of large stop losses that are set by the candle difference...
Interesting, however I would prefer a lot size option rather than a maximum risk setting.

Its easier to just say .5 of a lot, just saying this is my preference, it may not be everyones...
Life is like a snickers, its full of nuts!
  • #151
  • Edited 1:26am Dec 4, 2014 1:15am | Edited 1:26am
Quoting BrassDrummer
{quote} I am using stops and loss management as well. I don't plan to lose more than 5% a day until I build the account to a reasonable level. Then I will adjust lower and start shooting for only 2-3% profits for the day, with 1-2% losses. Once I get there, I"ll hit either the 2-3% and stop, or the 1-2% Loss and stop. My goal is to eventually get to where I need to make one or two trades a day, and be done. My original plan was to make a strict 10% a day, again, just to grow the account to a more reasonable level) And double my money every 10 days....
Hey BD, was only offering a friendly warning. If you have it under control good for you. Just re-read your message. you said you had made $100 a day, each day this week, starting from $20! I just used the following logic:

Say your risk is 5% of $20 that is $1. That was therefore your sl value. with this strategy you must assume that your sl is bigger than your tp. So your tp must be less than $1 per trade. Even allowing for compounding with only 1$ profit max per trade reaching $100 in a day is astronomical profit. Good Luck and keep posting. I would also agree with you that 5% risk is very high and it should be nearer 2% of bank at risk in any trade.
  • #152
  • Dec 4, 2014 1:18am Dec 4, 2014 1:18am
Ok. I have changed the EA.

If you leave the Lot Size at 0, Money management will be set by Equity and Maximum Risk percentage.

If you set the Lot Size manually, Lot Size will remain as pre set.
Attached File(s)
File Type: mq4 5 Pips System.mq4   8 KB | 412 downloads
  • #153
  • Dec 4, 2014 1:20am Dec 4, 2014 1:20am
Quoting Dave_C
Ok. I have changed the EA. If you leave the Lot Size at 0, Money management will be set by Equity and Maximum Risk percentage. If you set the Lot Size manually, Lot Size will remain as pre set. {file}
Great work mate, i'll set it up and let it run for a while, will post results as they happen!
Life is like a snickers, its full of nuts!
  • #154
  • Dec 4, 2014 1:29am Dec 4, 2014 1:29am
Quoting Dave_C
Ok. I have changed the EA. If you leave the Lot Size at 0, Money management will be set by Equity and Maximum Risk percentage. If you set the Lot Size manually, Lot Size will remain as pre set. {file}
First trade on the EA, eventually hit the SL.

Attached Image (click to enlarge)
Click to Enlarge Name: ea 1.png Size: 88 KB
Life is like a snickers, its full of nuts!
  • #155
  • Edited 1:53am Dec 4, 2014 1:37am | Edited 1:53am
Quoting Dave_C
I am enclosing an updated trading EA with a number of adjustments. Thanks to TK5 for a great idea! {file}
Thanks Dave, very generous of you too. One question does this run 24/5 or does it just run during the active parts of each session?
  • #156
  • Dec 4, 2014 2:11am Dec 4, 2014 2:11am
Quoting firewight
{quote} First trade on the EA, eventually hit the SL. {image}
Hey FW don't worry this type of EA needs a lot of tweaking before it can have a hope of working. Only feedback like yours highlights the deficiencies and where the tweaks are required, if possible. Manually I would not have taken that trade because it was before LO and bouncing off of the 200 EMA. Thanks for reporting the losers not just the winners!
  • #157
  • Dec 4, 2014 2:42am Dec 4, 2014 2:42am
Guys and Gals

This is just an auto implementation of the principals of tk5. For those of you who have not been trading for a while, please remember that Technical Analysis must be associated with Fundamental Analysis and in the case of Forex, Country Politics, eg. currency manipulation. As tk5 says, be aware of news events and from my own perspective coming from AUS, time of day! I will build this in as a further project.

Please pass on any constructive criticism as I am encouraged as I am sure tk5 is. That's why we all share!

Cheers
  • #158
  • Dec 4, 2014 3:16am Dec 4, 2014 3:16am
first trade of day. successfully but risky as in a period of consolidation and RSI not great. I actually only took this trade because price dropped 2.5 pips just as I was considering it and the preferential entry point tipped the balance in my favour.
Attached Image
  • #159
  • Dec 4, 2014 3:26am Dec 4, 2014 3:26am
possible setup short on Euro at 9.30 for those watching?
  • #160
  • Dec 4, 2014 3:30am Dec 4, 2014 3:30am
nearly, but on my platform, the 9.30 has opened just above the 5
Getting there, slowly but surely...
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